The impact of digital-oriented mergers and acquisitions on enterprise labor demand

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2024-11-01 DOI:10.1016/j.irfa.2024.103778

Peng Liang , Lin Liang , Xinhui Tang

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Abstract

Digital-oriented mergers and acquisitions (DOMA) are increasingly being adopted as strategic options by enterprises during digital transformation. They represent a crucial pathway for enterprises to transition from traditional to digital capabilities and enhance their digital competitiveness. Utilizing data from Chinese A-share listed companies from 2010 to 2020, this study thoroughly examines the relationship between DOMA and corporate labor demand, as well as the underlying mechanisms. Our findings reveal that DOMA positively impacts labor demand. Additionally, DOMA increases the proportion of highly educated and skilled labor forces, thereby amplifying the impact of human capital. Mechanism research further shows that DOMA enhances market synergies, thereby boosting labor demand. Moreover, heterogeneity analysis suggests that the positive effect of DOMA on labor demand is particularly pronounced in enterprises with lower market shares, lower M&A premiums, higher market competition, non-high-tech enterprises and higher financial risk. This paper not only expands the research on DOMA and corporate labor demand, but also provides significant practical implications for generating new labor demand, catalyzing the intelligent transformation of enterprises.

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以数字化为导向的并购对企业劳动力需求的影响

以数字化为导向的并购（DOMA）越来越多地被企业作为数字化转型期间的战略选择。并购是企业从传统能力向数字化能力转型、提升数字化竞争力的重要途径。本研究利用 2010 年至 2020 年中国 A 股上市公司的数据，深入研究了 DOMA 与企业劳动力需求之间的关系及其内在机制。研究结果表明，DOMA 对劳动力需求有积极影响。此外，DOMA 增加了高学历和高技能劳动力的比例，从而放大了人力资本的影响。机制研究进一步表明，DOMA 增强了市场协同效应，从而促进了劳动力需求。此外，异质性分析表明，DOMA 对劳动力需求的积极影响在市场份额较低、并购溢价较低、市场竞争较激烈、非高科技企业和财务风险较高的企业中尤为明显。本文不仅拓展了DOMA与企业用工需求的研究领域，而且为催生新的用工需求、推动企业智能化转型提供了重要的现实意义。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.